H&R Block Study Reveals Majority of Small Business Owners Need Personal Advice to Recover from Pandemic
“H&R Block has a long history of helping small business owners manage their tax and financial needs,” said
H&R Block’s “Small Business Recovery Series” study exposes how small businesses are fighting to survive, including:
|Recovery is slow: In fact, more than half (56%) have experienced a slower recovery than expected after shelter-in-place orders began to expire, with nearly half of small business owners fearing they may need to shutter their business within six months if pandemic restrictions are not lifted or if shelter-in-place orders resume in the near-term.|
|Survival requires adaptability: Yet despite fear of survival, owners are demonstrating resiliency and adaptability, with about a third (30%) creating products/services to meet new needs and half (50%) of those with an online presence increasing their digital footprint to meet the moment. And, they’re looking for help in making those changes – nearly 70 percent of female and 60 percent of male small business owners say they need one-to-one small business advice.|
|They depend on their community: While small businesses continue to be important facets of communities, many small business owners have noted changes in their customers and worry that people will not be able to afford doing business with them. However, half of small business owners believe that there seems to be a renewed interest in “shopping locally” in their area.|
Year-Round Small Business Support
- 20-minute online study among a sample of n=1,213 of
H&R Blockclients who qualified as small business owners
- Businesses with fewer than 50 employees
- Margin of error for this sample is +/- 2.8% at the 95% confidence level
between July 15 and July 21, 2020
For more information or to access the full first wave of H&R Block’s “Small Business Recovery Series” data, contact our media desk at firstname.lastname@example.org.
For further information Investor Relations:
Colby Brown| 816-854-4559 | email@example.com Media Relations: Angela Davied| 816-854-5798 | firstname.lastname@example.org
Source: HRB Tax Group, Inc.